AI Isn't The Only Game-Changing Trend in 2024
West Monroe
We partner with clients across all aspects of their business to progress toward new digital ways of working. #BeDigital
Let’s move beyond AI, shall we? While it’s true that it continues to dominate headlines as the tech world’s hottest topic—we’ve written about it plenty—there are other emerging trends that are shaking up the industry that ultimately will set the stage for businesses in the near future.
Specifically, we executed market research, analyzed news articles and data sets, and conducted dozens of interviews with our top technology consultants to formulate these trends published in our new Tech Trends to Watch in 2024 e-book :
(You can also listen to our Tech Trends to Watch podcast: https://westmonroe.digital/4dBgecH )
1. The New Productivity Paradigm Enabled by AI & Gen AI
Most companies are deploying AI and advanced technologies to enhance workforce capabilities, but not all apply them strategically. Forward-thinking companies go beyond increasing output and reducing costs, using technology to create value, innovate, and drive sustainable growth. They balance speed with quality, focusing on human-centric goals while boosting productivity. The businesses that win will be the ones that modernize their productivity metrics, engage employees in AI adoption, and invest in upskilling to unlock better outcomes and long-term success.
“To get to value quickly, start simply,” said West Monroe Chief Commercial Officer Casey Foss . “Think about enterprise transformation and productivity improvements iteratively to ensure your vision doesn’t end up buried under its own weight. Start with the tools and technologies that are already available or deployed to keep your organization from getting stuck. Use pilot programs to limit overbearing governance structures and cost-prohibitive investments. That way—rather than waiting for all the pieces to be 100% perfect—you keep moving forward.”
2. Cloud & Infrastructure’s Resurgence
A new space race is emerging in cloud computing and data infrastructure—driven by the growing computational demands of AI and GenAI. While these foundational technologies are essential for leveraging new innovations, they come with significant costs and challenges—including energy consumption and environmental impact. Companies must strategically invest in scalable, flexible infrastructure to stay competitive while balancing budget constraints and sustainability goals. Failing to modernize infrastructure risks stalling innovation and falling behind in the rapidly evolving tech landscape.
“Tech innovation can change the market landscape seemingly overnight, and there’s no sign the pace of disruption will slow—if anything, it will increase,” said data & analytics expert Cam Cross . “We’ve seen this happen before, and we’ll continue to see this happen: New players with forward-thinking visions edge out the long-time industry leaders that are too shortsighted to invest in their own futures. No organization wants to be the next Blockbuster when their industry’s Netflix comes along.”
3. Synthetic Data’s Very Real Potential
Data drives transformation and innovation, but capturing and securing it is challenging, especially in regulated industries. Synthetic data, generated from statistical properties of real data, addresses these issues by enabling faster development, secure collaboration, and compliance without compromising privacy. As the synthetic data industry grows, driven by the high cost of data breaches and increasing privacy concerns, it becomes crucial for organizations to integrate it into workflows, avoid using it as a shortcut for real data issues, and educate stakeholders on its benefits and governance.
“Many organizations find their employees’ level of data fluency, on average, poor. Computational thinking is not an intuitive set of skills that most people just pick up on their own,” said productivity & change expert Rick Sabatino . “With or without synthetic data, most organizations can benefit from upskilling their workforce to be data-fluent. But without concurrent investment in people, organizations that adopt synthetic data may struggle to fully realize its value.”
4. Techno-Optimism vs. the Techlash
The rapid pace of technological innovation has sparked optimism—but also fuels apprehension, leading to the "techlash." While advancements like generative AI offer competitive advantages, they also raise concerns about risks and regulatory burdens. The clash between enthusiasm and skepticism highlights the need for ethical technology use and robust data governance . To maintain trust and manage risks, organizations must balance innovation with responsibility, ensuring transparency and responsible data practices.
“The fastest way to create pessimism about technology is being too afraid to make a move,” said product & experience expert Eric Johnson . “How do you create optimism? By engaging—testing, evaluating, iterating— and becoming intelligent about new solutions, so you fully understand the opportunities as well as the risks to be mitigated.”
5. Humanity’s Role in the Digital Age
Despite rapid advancements in digital technology, the human element remains crucial. Innovations like generative AI, while groundbreaking, are only effective because they are grounded in human input. As tech grows more pervasive, it's vital to remember that technology should enhance the human experience , not overshadow it. Prioritizing human-centric design ensures that technology benefits people, addressing their needs and concerns effectively.
“Despite all the recent AI advances, human intelligence remains much more valuable, because AI is just a tool. But it’s a tool that can meaningfully augment what our intelligence can accomplish,” said product & experience expert Jonathan Williams . “And if we’re able to accomplish more, we’re able to focus on bigger problems—and there’s no shortage of existing challenges we need to solve. Any technology presents an exciting opportunity to use it in humane, ethical, moral ways to make people’s lives better, and that’s key to how we should be thinking about AI.”
In today’s fast-moving digital world, staying ahead is a necessity. Embrace trends like AI and cloud tech, but balance innovation with ethics. Stay agile, secure, and use tech smartly to build trust and keep thriving.
领英推荐
The Economist | LLMs will transform medicine, media and more
New York Times | Meta Says It Will Continue Spending, as Growth Surges
Axios | This is AI's brain on AI
Co-Founder of Altrosyn and DIrector at CDTECH | Inventor | Manufacturer
2 个月The convergence of AI, blockchain, and the metaverse presents unprecedented opportunities for businesses to reimagine operations and customer experiences. Casey Foss's insights on AI-driven automation highlight the need for organizations to upskill their workforce and embrace agile methodologies. On a deeper level, this means fostering a culture of continuous learning and adaptation to thrive in this rapidly evolving landscape. So, Cam Cross, how are you envisioning the integration of decentralized finance protocols within metaverse platforms to create truly immersive and value-driven experiences?